Business
Anti-Austerity Strikes Turn Violent In Europe
Millions of angry workers on Wednesday went on strike across Europe to protest spending cuts and tax rises they say have made the economic crisis worse in what is termed as a coordinated day of action.
Protests, the largest and most violent, are taking place in Spain, where a general strike has shut down or disrupted public transport while many schools, shops, factories and airports are closed.
There were also significant walkouts and outbreaks of violence in Portugal, Greece and Italy.
Moreso, limited protests are taking place in other countries, including France and Belgium and even in Germany where the traditionally strong economy has taken a hit.
Transport across the continent is being disrupted by the strikes. Hundreds of flights have been grounded, and there are severe reductions in intercity rail services and local transit systems.
In Spain and Portugal, hundreds of flights were cancelled, car factories and ports were at a standstill and trains barely ran where unions held their first ever coordinated general strike.
Riot police arrested about two protesters in Madrid and hit others with batons, witnesses said, and in Rome, students pelted police with rocks in a protest over money-saving plans for the school system.
International rail services were disrupted by strikes in Belgium and workers in Greece, Italy and France planned work stoppages or demonstrations as part of a “European Day of Action and Solidarity”.
“We’re on strike to stop these suicidal policies,” said Candido Mendez, head of Spain’s second-biggest labour federation, the General Workers’ Union, or UGT.
More than 60 people were arrested in Spain and 34 injured, 18 of them security officials after scuffles at picket lines and damage to storefronts.
Protesters jammed cash machines with glue and coins and plastered anti-government stickers on shop windows. Power consumption dropped 16 per cent with factories idled.
International lenders and some economists say the programmes of tax hikes and spending cuts are necessary for putting public finances back on a healthy track after years of overspending.
While several southern European countries have seen bursts of violence, a coordinated and effective regional protest to the austerity has yet to gain traction and governments have so far largely stuck to their policies.
Spain, where the crisis has pushed millions into poverty, has seen some of the biggest protests. Prime Minister Mariano Rajoy is trying to put off asking for European aid that could require even more budget cuts.
Passion was inflamed when a Spanish woman jumped to her death last week as bailiffs tried to evict her from her home. Spaniards are furious at banks being rescued with public cash while ordinary people suffer.
In Portugal, which accepted an EU bailout last year, the streets have been quieter but public and political opposition to austerity is mounting, threatening to derail new measures sought by Prime Minister Pedro Passos Coelho.
His centre-right government was forced by protests to abandon a planned increase in employee payroll charges, but replaced it by higher taxes.
Passos Coelho’s policies were held up this week as a model by German Chancellor Angela Merkel, who is despised in much of southern Europe for insisting on austerity as a condition of her support for EU aid.
“I’m on strike because those who work are basically being blackmailed into sacrificing more and more in the name of debt reduction, which is a big lie,” said Daniel Santos de Jesus, 43, who teaches architecture at the Lisbon Technical University.
Some five million people, or 22 per cent of the workforce, are union members in Spain. In Portugal, about a quarter of the 5.5 million strong workforce is unionised.
Major demonstrations were planned for the evening in Madrid, Lisbon, Barcelona and other cities.
Just 20 per cent of Spain’s long-distance trains and a third of its commuter trains were running. Lisbon’s Metro was completely shut and only 10 per cent of all trains will run under a court-ordered minimum service.
In Barcelona, Spain’s second-biggest city, hundreds of trash containers were taken off the streets to stop them being burnt.
More than 600 flights were cancelled in Spain, mainly by Iberia and budget carrier Vueling. Portugal’s flag carrier TAP cancelled roughly 45 percent of flights.
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Banking/ Finance
Ripple Survey Reveals Appetite for Digital Assets
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
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